This article is from the Australian Property Journal archive
ENCOURAGED by “compelling” fundamentals, alternative real estate fund manager GreenFort Capital has expanded its retirement village portfolio to 1,000 homes, with an end value of around $1 billion, with the acquisition of a Sunshine Coast village in Maleny hinterland.
It is the fifth retirement village project in five years bought for the Reside Communities business, and follows the recent completion of a luxury clubhouse and 132 homes at its Samford Grove Village in north west Brisbane, and as construction continues at three other Reside projects in south east Queensland.
Reside’s other retirement communities include Esperance Hope Island, Fairway Carindale, and Brookland Village in Robertson.
The recent acquisition of Maleny Grove from Live Life Group will see a further 66 luxury villas added to the Sunshine Coast village’s current 28 dwellings, together with the development of a new community centre.
Pending development approvals, the Maleny Grove expansion is forecast to commence in late 2024 with completion planned in 2027.
Founded by GreenFort Capital executives and former RetireAustralia executive Glen Brown, in partnership with global private equity fund manager Gaw Capital, Reside delivers and operates villages targeting affluent downsizers.
It said the latest acquisition “continues the group’s dual strategy of redeveloping existing villages and building new villages in key infill locations”.
GreenFort Capital partner and Reside co-founder Adam Vaggelas said the market fundamentals for seniors’ accommodation “remain compelling”.
“The ageing population in Australia is an extremely strong demographic, with the number of people aged over aged 65 years having doubled since 1995 to more than four million today.
“This trend is set to continue, and there remains a severe shortage of suitable downsizer accommodation to meet this growing demand.”
